The bill amends various sections of the General Laws in Chapter 45-38.1, titled "Health and Educational Building Corporation," to update statutory terminology and broaden support for educational institutions, municipalities, and healthcare providers in Rhode Island. Key changes include replacing the phrase "institutions of higher learning" with "educational institutions" and redefining child daycare centers as educational institutions. The bill shifts the focus from "youth" to "people of the state" to promote inclusivity.

The bill introduces new definitions and modifies existing ones, such as redefining "education loans" to encompass loans for students attending educational institutions. It expands the definition of "healthcare providers" to include various nonprofit organizations and introduces terms like "school housing project" and "ancillary facilities." The corporation is granted new powers to create education loan financing programs, charge fees to borrowers, and issue bonds for educational and healthcare projects.

Overall, the bill aims to enhance the operational framework for financing educational and healthcare infrastructure, ensuring that projects align with community needs and are financially sustainable. The act would take effect upon passage.